Photo Courtesy of Emil Cohen/NYC Council Media Unit
“Any measure that eases the burden of New York taxpayers is a welcome change,” Councilman Holden said.
By Forum Staff
Community leaders and elected officials last weekend celebrated the enhancement of the Earned Income Tax Credit in the Fiscal Year 2023 State budget.
Mayor Eric Adams announced Saturday that over 800,000 families will benefit from the enhancement. Additionally, the City committed to investing $250 million annually to EITC and will receive a one-time State payment estimated at $100 million.
“Earlier this year, I told New Yorkers I would fight for them by expanding the Earned Income Tax Credit. Today, we say to New Yorkers: promises made and promises kept,” Hizzoner said. “The additional $250 million annually in EITC reaches 800,000 New Yorkers — putting money back in their pockets for food, bills, and rent. Too many working families suffered because of COVID-19, losing wages and falling through our social safety net. With this critical expansion, we are making sure no one falls through the gaps again.”
The State and City match to EITC had not previously been increased in almost 20 years, according to the Adams administration. Under the City’s expansion of the EITC, a single parent with one child with an income of $14,750 will see their benefit increase from $181 to $905 — a 400 percent increase. A married couple with two children and an income of $25,000 will see their New York City benefit increase from $299 to $897 under the city payment — a 200 percent increase. The expansion of EITC will help the 800,000 New Yorkers who qualify to better afford essential items like food, rent, and utilities, and will supercharge New York City’s economic recovery.
Borough pols praised the enhancement.
“As we emerge from the pandemic, working-class New Yorkers need all the relief they can get, and it was long overdue for an increase. Any measure that eases the burden of New York taxpayers is a welcome change,” said City Councilman Bob Holden (D-Middle Village).
“When you have a mayor like Eric Adams who ‘Gets Stuff Done,’ we all want to ‘Get Stuff Done,’” said Assemblywoman Jenifer Rajkumar (D-Woodhaven). “My Albany colleagues and I did exactly that when we expanded the EITC in this year’s budget bill, putting more money in the pockets of hundreds of thousands of working-class New Yorkers. Our expansion will be the lifeline that so many New Yorkers need for putting food on the table and having a roof over their heads. On top of that, the enhanced EITC will act as a force multiplier for all of Mayor Adams’ work to eliminate poverty in our city.”
Queens Borough President Donovan Richards, Jr. added, “The COVID-19 pandemic and resulting economic devastation has forced far too many families in Queens and across New York City to make incredibly difficult decisions in order to make ends meet and support their families. This enhancement of the Earned Income Tax Credit means more money in the pockets of hard-working families throughout the five boroughs and a stronger overall economic recovery for our city. Thank you all our elected partners and community advocates who successfully pushed for this critical tax credit enhancement, as we fight for a stronger, fairer city.”
